47 percent of those polled believe the TARP program was entirely created and implemented by President Barack Obama.

52 percent of those polled believe that the Glass-Steagall Act was the law that created Welfare, Food Stamps and Unemployment Insurance.

43 percent believe that the majority of TARP funds were paid to consultants and advisors of Barack Obama’s 2008 presidential campaign.

So, rather than rant about the grotesque ignorance of the people who participated in this poll, I’m just going to provide some incontrovertible facts about the Troubled Asset Relief Program, and the Glass-Steagall Act of 1933. What you do with this factual information is your business.

The Glass-Steagall Act was designed to protect and isolate commercial banks from the risk-laden speculation activities of investment banks.

Commercial banks are the type with which ordinary citizens have checking and savings accounts.

Investment banks are the trade houses that employ speculators to gamble with invested accounts on the various global markets, indexes and exchanges.

The Glass Steagall Act was repealed by the implementation of the Gramm-Leach-Bliley Act in 1999, and was signed into law by President Bill Clinton.

The Gramm-Leach-Bliley Act eliminated the protective “firewall” that separated your money from the pools of money corporate investors use to gamble with.

Once the Glass-Steagall Act was repealed, the pensions funds, savings accounts, retirement accounts and cash accounts of ordinary citizens became fair game and literally any money in any bank entity became at risk.

TARP initially allocated $700 Billion — and was later increased to $733 Billion by a Bush signing statement.

TARP, as proposed, was designed to insure and protect “troubled assets,” which the TARP bill defined as “residential or commercial mortgages, securities, obligations, or other instruments that are based on or related to such mortgages that originated on or before March 14, 2008.”

Prior to leaving office in January 2009, President Bush allocated $396.8 Billion, with $140 Billion of that being bailout funds to the 7 leading investment and securities firms.

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